Overseas Residence definition
Examples of Overseas Residence in a sentence
The Company will pay the Insured Person, up to the Maximum Benefit as stated in the Schedule of Benefits, or at the Company’s sole discretion and option, reinstate or repair any loss or damage to the Household Contents caused by fire within the Overseas Residence that is left vacant whilst the Insured Person is traveling outside of Hong Kong or the city or town in which their OEI is located and/or they normally reside when attending the OEI.
During the Overseas Residence Period, the Company agrees to reimburse Executive for reasonable transportation expenses incurred by Executive and his wife to travel from Cambridge, U.K. to Executive’s home in Jacksonville, Florida, U.S. two times a year.
With respect to any tax year that falls within the Overseas Residence Period, the Company agrees to provide Executive with reasonable and necessary U.S. and U.K. tax counseling and tax preparation services to be provided by the Company’s accountants.
During the Overseas Residence Period, the Company agrees to equalize Executive’s income and employment tax.
The Overseas Residence Period shall terminate three months after the Company notifies Executive that it no longer requires Executive to temporarily reside in the U.K.
During the Overseas Residence Period, Executive shall be paid in accordance with the Employment Agreement in U.S. currency, subject to the monthly tax adjustments described in Section 2(a) below and all required withholdings.
During the Overseas Residence Period, Executive shall observe the work and holiday schedule of the Company’s U.K. subsidiaries.